India, Bengaluru-based fintech startup, iTribe has raised $1 million in a funding round from investors such as Eximius Ventures, Kunal Shah (Cred), Incisive Ventures, and several angel investors.
The funding round saw participation from the leadership team of Cred (Harish, Swami, Sreeni, Ketan), Pearl Agarwal (Eximius Ventures), and angel investors such as Aravind Sanka, Pavan Guntupalli, and Rishikesh SR (founders of Rapido), Reeju Datta (founder of Cashfree), Gaurav Dahake (founder of BitBns).
iTribe plans to deploy the funds to build new technology tools that make adoption by the front line more accessible, a prepared company statement said.
Founded by Nikhil M. and Pruthvi Raj E., the startup aims to help users make investment decisions, help them discover news and tools, and seek opinions from investment professionals.
iTribe aims to become a holistic investment learning platform for stocks, NFTs, mutual funds, and cryptos, it said in a statement.
Nikhil M, cofounder of iTribe said that the retail trading has boomed since the pandemic, with broking accounts growing by around 50% within nine months. But the penetration has been low among millennials.
iTribe as of now has around 10 clients from business-to-business (B2B) products and is looking to increase its portfolio further.
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